Synovus Financial Corp. (NYSE:SNV) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of Synovus Financial Corp. (NYSE:SNV) have been given an average rating of “Moderate Buy” by the sixteen analysts that are covering the company, Marketbeat reports. Seven investment analysts have rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $41.38.

SNV has been the subject of a number of research analyst reports. Truist Financial dropped their price target on Synovus Financial from $45.00 to $39.00 and set a “buy” rating for the company in a research report on Monday, April 22nd. Barclays decreased their price target on shares of Synovus Financial from $42.00 to $39.00 and set an “equal weight” rating on the stock in a report on Friday, April 19th. JPMorgan Chase & Co. dropped their price objective on shares of Synovus Financial from $50.00 to $48.00 and set an “overweight” rating for the company in a report on Friday, April 19th. Wells Fargo & Company reduced their target price on Synovus Financial from $42.00 to $40.00 and set an “overweight” rating on the stock in a research note on Friday, April 19th. Finally, Bank of America dropped their price target on Synovus Financial from $44.00 to $40.00 and set a “buy” rating for the company in a research note on Friday, April 19th.

Institutional Trading of Synovus Financial

Institutional investors have recently modified their holdings of the company. Allworth Financial LP raised its position in Synovus Financial by 333.5% during the 4th quarter. Allworth Financial LP now owns 724 shares of the bank’s stock valued at $27,000 after purchasing an additional 557 shares during the last quarter. International Assets Investment Management LLC bought a new position in shares of Synovus Financial during the fourth quarter valued at approximately $28,000. MeadowBrook Investment Advisors LLC purchased a new stake in Synovus Financial in the fourth quarter worth $30,000. American National Bank bought a new stake in Synovus Financial in the fourth quarter valued at $38,000. Finally, Tennessee Valley Asset Management Partners purchased a new position in Synovus Financial during the 4th quarter valued at $42,000. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Synovus Financial Trading Up 1.6 %

Shares of Synovus Financial stock opened at $38.70 on Thursday. The company’s 50-day moving average price is $37.93 and its 200-day moving average price is $35.39. The company has a market cap of $5.67 billion, a price-to-earnings ratio of 13.25, a PEG ratio of 4.41 and a beta of 1.41. Synovus Financial has a 12-month low of $24.40 and a 12-month high of $40.92. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.45.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings results on Thursday, April 18th. The bank reported $0.79 EPS for the quarter, missing the consensus estimate of $0.99 by ($0.20). The firm had revenue of $537.73 million during the quarter, compared to the consensus estimate of $547.62 million. Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The firm’s revenue for the quarter was down 12.4% on a year-over-year basis. During the same period in the previous year, the business earned $1.33 earnings per share. On average, equities analysts expect that Synovus Financial will post 3.76 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Thursday, March 21st were given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.93%. The ex-dividend date was Wednesday, March 20th. Synovus Financial’s payout ratio is 52.05%.

About Synovus Financial

Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides commercial and consumer banking products and services. It operates through four segments: Community Banking, Wholesale Banking, Consumer Banking, and Financial Management Services. The company's commercial banking services include treasury and asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate lending services.